Letter: Proper Role of a Regulator

I wholeheartedly support and agree with Sarah Snell Cooke’s point of view on the issues as raised by Chip Filson. [See Editor’s Column, page 4, March 13 issue.]

Having worked as an attorney in the general counsel’s office at NCUA from 1977-1984 and now having been involved with and representing credit unions for almost 40 years, I think I understand well the differences between being on the inside and the outside and the proper role of a regulatory agency. And I think you hit the nail on the head.

I have also known Chip since my NCUA days, and he is certainly one of the brightest guys I’ve met and a very nice guy to boot.

But I cannot agree with him on this issue. I admire your courage in stating your viewpoint so clearly and emphatically because Chip’s viewpoint, on the surface at least, is likely to have a significant amount of popular appeal within the industry. Well done.